TORONTO – The (CIB) and Dream Industrial Real Estate Investment Trust have finalized a $50 million loan to fund commercial property retrofits at 34 warehouses in Alberta, Ontario and Quebec.
The CIB’s investment will support upgrades to mid- and large-bay warehouses used for urban logistics, light industrial and distribution, states a release. Building upgrades include mechanical and electrical systems, renewable energy generation, heating, ventilation and air conditioning systems, fuel switching, energy management technology, building envelope and electric vehicle charging.
The projects are expected to create approximately 630 jobs and generate 14,500Â MWh of clean electricity from installed renewable power generation such as solar panels.
Dream Industrial REIT is part of the Dream Group of Companies. It was the first real estate group in Canada to receive a loan as part of the CIB’s Building Retrofits Initiative in 2022.
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